El Salvador’s President Responds To IMF Following Urge To Drop Bitcoin As Legal Tender

El Salvador responded to the IMF following their urge for the nation to drop Bitcoin as legal tender. We revealed earlier that El Salvador made headlines when the president decided to make Bitcoin legal tender in the country.

The global institution mentioned above noted that BTC’s use as legal tender is posing risks to the country’s financial stability, integrity, and consumer protection.

CoinDesk just noted that the executive board of the International Monetary Fund recommended that El Salvador discontinue the use of bitcoin (BTC) as legal tender in the country due to the financial risks and liabilities that are created.

The recommendation came in a report issued the other day following bilateral discussions with El Salvador about its economy. El Salvador has been in negotiations with the IMF for a $1.3 billion loan, according to the reports.

IMF directors “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity and consumer protection, as well as the associated fiscal contingent liabilities,” according to the report.

Now, it’s been revealed that President Nayib Bukele is responding to the International Monetary Fund’s (IMF) warning that El Salvador should remove the legal tender status of Bitcoin (BTC) with a meme.

“I see you, IMF. That’s very nice.”

https://t.co/s1F5kwOBEn pic.twitter.com/LD0I2dBHha

— Nayib Bukele 🇸🇻 (@nayibbukele) January 26, 2022

It’s also worth noting that the president routinely updates his followers when El Salvador buys Bitcoin.

He recently told the world that he’d just scooped up over 400 BTC.

“El Salvador just bought 410 Bitcoin for only 15 million dollars. Some guys are selling really cheap.”

Regarding the price of Bitcoin, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $37,763. Stay tuned for more news and make sure to keep your eyes on the market.